Does Shift depend on Bitcoin? Based on the correlation analysis, BTC and SHIFT have a very strong positive relationship. The correlation coefficient of their prices is 0.86, which was estimated based on the last 100-days' price movements of both currencies.
This coefficient may range from -1 to 1, where -1 is the strongest negative correlation, 0 is no correlation at all and 1 is the strongest positive correlation.
The negative coefficient means that the prices of the cryptocurrencies are moving in the opposite direction while the positive coefficient tells that the prices are going in the same trend. For example, if Bitcoin and Shift connection is positively strong, it means that when BTC is growing SHIFT will grow as well. The negative strong relation will point that when BTC is rising SHIFT price will be in contrary lowering.
The knowledge of the correlation coefficient helps to determine in percentage the influence of Bitcoin over Shift. If we take all the things affecting the price of SHIFT as 100%, then the share of BTC price among these factors will be 73.96%. The other part which is 26.04% covers all the other things, such as media, events or crypto related laws.